Yemen » Business
Statistics
- GDP: US$30,02 billion (2010). [CIA]
- Main Exports: Crude petroleum, liquefied natural gas, refined oil products, fish and coffee.
- Main Imports: Foodstuffs, live animals, chemicals, machinery.
- Main Trade Partners: China, France, Kuwait, United Arab Emirates and USA.
Economy
Under IMF auspices, the government has implemented a programme of structural reforms involving privatisation and an overhaul of the financial system. In exchange, the Yemenis received financial support and some relief of Yemen's US$5 billion foreign debt. Large-scale unemployment persists; an estimated 30% of the workforce is out of work.
Agriculture is concentrated in the fertile northern part of the country. The principal cash crops are cereals, cotton, coffee, fruit, vegetables and qat (a narcotic leaf). Livestock rearing, fishing and some manufacturing also contribute to the economy.
However, the most important industrial activity is oil and gas production. Yemeni reserves are modest by regional standards but since the opening of the refining complex at Aden in 1994 and new fields coming on stream, the sector accounts for the majority of export earnings.
Etiquette
Business people are expected to dress smartly for meetings and formal social occasions. English is commonly used in business circles. Appointments are needed and visitors should be punctual. Business cards are often exchanged. Ideally avoid the month of Ramadan. Do not be surprised during a meeting if Yemeni businessmen chew qat.
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Information in this section was last updated: Fri Apr 12 2013
